Best Credit Cards for Poor
Credit - Learning The Opportunities
When folks have
Credit, how will they
tell which Best Credit Cards
to choose when there are so many options?
This article will expand on a couple varieties
of cards to provide a better outline
of the advantages of each:
Money Back - With a Money Back
card, customers are offered a refund that is the same as
a fraction of their transactions. For instance,
if an applicant is approved for a Money Back
solution that provides 5% cash back
on supermarket, fuel, and pharmacy
items, as the rewards accumulate they can be redeemed. If you
spend one hundred and fifty dollars in fuel, food,
and drug store purchases every week, at
the end of a year, $390
in cash would be ready to cash out.
Redeemable Points - In lieu
of giving cash back, some lenders
give points programs. Customers get
points for just about every transaction. Every time the card is used, the rewards
increase. Once a specified number of points have accumulated they can be cashed in for great stuff, such as
free travel, gift cards, subscriptions, and more.
It is important to know whether or not the Best Credit Cards
for Poor Credit you apply for offers
Gas Rewards - Companies
are often times sensitive to the cost
of gasoline and want to compensate
their customers for making card purchases by rewarding them with a free
gasoline card. As the credit card is utilized, reward points add up. Once enough points have been earned they can be cashed in for a
prepaid fuel card. The funny thing is, with some cards gas points are actually accumulated even
while you are getting gas.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When these cards are used, customers can earn frequent traveler's points that can be redeemed for free travel. Once a specified number of points are earned, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These programs are great for frequent travelers.
Zero Percent Introductory Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The promotional period generally varies from six months up to a year.
Smart folks use this interest-free period
to transfer outstanding balances from their high interest Best Credit Cards
to one of these and pay the balances off within the promotional period. Making monthly payments on time is especially crucial.
When a payment is paid late, most
the introductory rates adjust to a much higher
rate. People that are offered
Best Credit Cards for Poor
Credit, and are offered an introductory period free of finance charges
ought to choose this option.
Secured Cards for Building Credit - Customers that have one of these
must put money into an account specified by the secured card issuer.
This "is why the card is called "" secured"" ." After the deposit is made a credit card is
extended to the applicant with a credit limit in
the amount that has been deposited in the account. Each time a transaction is approved your available credit is recalculated, affordable
monthly payments are computed, and a monthly invoice
is generated. If transactions are being approved, low monthly payments will become due. Secured Cards for Building Credit
are great because they perform like
normal credit cards allowing you
to do things that debit cards may not, like making travel arrangements including hotels
that usually do not take consumer checking account
cards. Individuals with bad credit should apply because approval is generally
guaranteed despite your credit profile. But do not forget that many
credit-rebuilding card companies submit whether or not you are keeping up with your payments
to be added to your credit profile. This can be a good
technique to prove you are creditworthy by showing scheduled
payments no matter if you have Poor
credit or not. Once you make
a certain number of consecutive timely payments, typically the lender will offer additional spending power without
requiring additional collateral.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, purchases can be made without interest, fees, or finance charges. Just like
a checking account, you put money in and that is
the credit limit. When the prepaid account
balance reaches zero, you can recharge it with an additional deposit. Reloadable cards
are good for staying on a budget, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
get a conventional checking account.
Fast approval is typically not a problem regardless of
your bureau profile and there is
no need for the prepaid company to contact the credit bureaus.
With all of the many varieties
of Best Credit Cards
for Poor credit and
benefits that they have, it is easy to identify the best solution for your situation. Consider
Best Credit Cards that give the benefits that fit your situation. Stay smart and always
spend within your budget and stay under the limit. Timely payments are important as well. Super credit is an awesome
To ensure that you keep developing a super credit profile, follow these few directions:
1. Always have your bill less than the
credit limit. In other words, do not
"over spend". It is important to maintain
a bill that is generally half
of the maximum spending limit on any
Best Credit Cards for Poor Credit.
2. Pay your credit card bill on time every month. Even if a small payment can be made, pay it before the due date. When payments are made more than 30 days late, that information could be forwarded to Experian, Equifax, and Trans Union. This is not good for your FICO score. Not to mention customers may also experience more points on the card's interest rate as a result of a solitary delayed payment. Thus it is advised that you make this bill payment a financial priority.
3. Repay the balance completely every couple months.
If the card is used a lot, try to
pay the balance back down to zero as often as you can. When you do this, it is smart to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and after a couple of billing cycles, pay the whole thing off just like you did before, and keep this pattern going
This pattern demonstrates to the lenders
that you will be a great customer. Most lenders reward customers like this with
low rates, higher credit limits, and a better credit profile.
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